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RCP Congressional Bill Tracker - H.R. 5818

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H.R. 5818: Mandated Expenses Tax Relief Act

Title: Mandated Expenses Tax Relief Act

Introduced: Jul 14, 2016 (114th Congress)

Sponsor: (No First Name Found) (No Last Name Found) [-]

Status: Referred to Committee - Referred to the House Committee on Ways and Means.

Summary: Mandated Expenses Tax Relief Act This bill amends the Internal Revenue Code to permit a taxpayer to elect to expense the cost of federal compliance property and deduct the cost for the taxable year in which the property is placed in service. "Federal compliance property" is any property that: (1) is of a character with respect to which depreciation (or amortization in lieu of depreciation) is allowable, and (2) is used by the taxpayer to comply with any federal law or regulation.

Votes


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